certify
Home arrow Article arrow Article Detail

GK8 will insure digital assets stored in its cold vault up to $1 billion

Profile Image

Indrani bose Follow

INDIA

Dec, 03 2022

Dec, 03 2022

likes | comments 0

Article Image

GK8 will insure digital assets stored in its. cold vault up to $1 billion coverage for institutional customers. The firm which is the leading institutional-grade digital asset custody platform with DeFi, staking, NFT, trading, and tokenization support has teamed up with USI Insurance Services to broaden its insurance policy for institutional customers. This is done in an effort to encourage banks and other financial institutions to begin investing in cryptocurrencies.


With this collaboration, GK8's cryptocurrency custody solution is backed by the highest insurance coverage cap in the industry, providing institutional-grade security as well as financial safeguards.


Most custody technology vendors offer pooled insurance of $30-40 million to clients. Bitcoin and other digital assets kept by institutional customers in GK8's cold vault will be insured for up to $1 billion per client due to the partnership with USI. There is also institutional wallet assets coverage of up to $125 million per client against risk of theft due to attack on assets stored in the GK8 MPC vault. 


The new insurance plan, according to GK8 co-founder and CEO Lior Lamesh, would incentivize new institutional players to confidently move into the crypto field and allow current clients to raise their holdings of digital assets.


The regulation-ready solution provided by GK8 features both a Cold Vault and an MPC Vault. The Cold Vault is linked with a high-performance MPC wallet used for high-frequency automatic transactions.


Additionally, GK8 facilitates the secure tokenization of conventional assets, offers all layer-1 blockchains compatible with the Ethereum Virtual Machine general support, and gives users immediate access to all layer-2 smart contracts on supported chains.


About USI :

The GK8's underwriting partner, USI Insurance Services is a leading insurance brokerage and consulting firm, with its main office in Valhalla, New York. In 2021, the business made close to $2 billion in revenue. Institutional investors have expressed a strong interest in utilizing digital assets. Property and casualty, employee benefits, personal risk management, program and retirement services are offered by USI to large risk management clients, middle market companies, smaller firms, and individuals. 


likes | comments 0

Profile Image

Indrani bose

CBW - External Analyst

INDIA

Comments
Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
banner
Article
EAC to decide details about launching regional central bank in 2023

When it would be launched and the proposed central bank’s location are the details to be decided. The establishment of the regional central bank is expected to assist the EAC in meeting its three....;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.